Elon Musk’s DOGE Humor Boosts Price, Michael Saylor Chimes In In a characteristic move on Thursday, the tech mogul, who now owns the social media platform X (formerly Twitter), addressed two topics in a single post. Elon Musk referenced former President Donald Trump’s proposal for him to spearhead a government efficiency commission, encapsulating the idea with the phrase “Department Of Government Efficiency,” cleverly abbreviated as DOGE. Related Reading: Grayscale Unveils First XRP Trust In The US, ETF Ahead?
Preventing further gains for the token, DOGE is still trading just below its 200-day exponential moving average (EMA) at $0.107, which could act as a short-term resistance wall for bullish investors in the scenario that the current momentum continues. This is also because Dogecoin has seen additional downward pressure in longer time frames, amounting to nearly 4% over the past month, mirroring the struggles of major cryptocurrencies that have failed to regain higher levels. Furthermore, the prevailing bearish market sentiment, compounded by the lack of significant macroeconomic catalysts, has hindered the potential for further price upside across the digital asset landscape.
Dogecoin (DOGE), the leading meme coin in the crypto sphere, witnessed a notable uptick on Thursday, propelled by the influential backing of Tesla and SpaceX tycoon Elon Musk, a longstanding advocate of the digital asset. Musk once again showcased his support for Dogecoin through a cleverly crafted social media post, triggering a surge in the token’s value and stirring reactions across the cryptocurrency community.
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